Everything About the Currency Used in Egypt

The Egyptian Pound⁚ A Guide to the Currency of Egypt

The official currency of Egypt is theEgyptian pound, also known as thegineih. It is divided into 100piastres, orqirsh. The currency code for Egyptian Pounds isEGP. You may also see it referred to as theEgyptian pound sterling.

History and Origins

The Egyptian pound has a rich history dating back to the 19th century. Before that, locally minted coins were used in Egypt, but there was no official currency. In 1834, a parliamentary bill established a new currency based on a bimetallic system of gold and silver. This marked the beginning of the Egyptian pound as we know it today. Over the years, the Egyptian pound has been linked to various international currencies, including the British pound, the Ottoman piastre, and the US dollar. This has influenced its value and exchange rates throughout history.

Denomination and Subdivisions

The Egyptian pound is divided into 100 piastres, also known as qirsh. The smallest denominations are 25 piastres and 50 piastres, both of which are available in coin or note form. Banknotes come in denominations of 1, 5, 10, 20, 50, 100, and 200 pounds. While the piastre is still a recognized subdivision of the Egyptian pound, it is rarely used in everyday transactions. The Egyptian pound is the official legal tender in Egypt, meaning it is the only currency recognized by the Egyptian government for all financial obligations, including paying for goods, services, taxes, and debts.

Exchange Rates and Currency Conversion

The exchange rate of the Egyptian pound fluctuates depending on various factors, including global market conditions, economic performance, and political stability. You can find the latest exchange rates for the Egyptian pound online or at currency exchange bureaus. It's generally advisable to convert your currency before arriving in Egypt, as exchange rates at airports and tourist areas might be less favorable. It's also a good idea to compare exchange rates from different providers before converting your money. Be sure to check exchange rates during the week, as the period between 3-4 PM GMT often has higher liquidity and trading volume, potentially leading to better rates.

Using the Egyptian Pound in Egypt

The Egyptian pound is widely accepted throughout Egypt, and you'll find it used for everything from purchasing souvenirs and food to paying for transportation and accommodation. You can use cash for most transactions, but credit cards are becoming increasingly accepted, especially in larger cities and tourist areas. However, it's always a good idea to have some cash on hand for smaller purchases or places that don't accept cards. ATMs are readily available in major cities and tourist destinations for withdrawing Egyptian pounds. Remember to check with your bank for any fees associated with international withdrawals.

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